Gold Royalty completes $103.5 million public offering

Gold Royalty Corp. (NYSE American: GROY) completed a public offering of 25.9 million common shares at $4.00 per share, raising gross proceeds of $103.5 million. The Vancouver-based company issued the shares on a bought deal basis, including 3.4 million shares from the full exercise of an over-allotment option.

The offering was led by a syndicate of underwriters including National Bank Capital Markets, BMO Capital Markets, and RBC Capital Markets as joint bookrunners under an underwriting agreement dated December 8, 2025.

Gold Royalty plans to use the net proceeds to fund all or part of its acquisition of an existing royalty on the Pedra Branca mine from BlackRock World Mining Trust plc, with remaining funds allocated for general corporate purposes. Pedra Branca is an operating copper and gold mine in Brazil owned and operated by a subsidiary of BHP Group Limited.

The offering was conducted in Canadian provinces and territories except Quebec and Nunavut through a prospectus supplement to the company's Canadian short form base shelf prospectus dated August 2, 2024. The company also filed with the U.S. Securities and Exchange Commission under a registration statement that was declared effective on August 2, 2024.

Following completion of the offering, Gold Royalty has 223.4 million common shares outstanding. The company operates as a gold-focused royalty company with a portfolio consisting primarily of net smelter return royalties on gold properties in the Americas.

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